§ Ms WalleyTo ask the Secretary of State for Transport (1) what action he is taking to pass to the trustees of the National Bus pension fund the moneys paid to the Government in respect of the fund; and how much money is involved; [1924]
(2) if he will place in the Library a copy of his response to the report of the pension ombudsman into the National Bus Company pension inquiry. [1923]
§ Mr. WattsThe pensions ombudsman has issued his final determination on a complaint against the trustees of one of the pensions funds of the former National Bus Company—the bus employees superannuation trust. The complaint relates to the arrangements under which a surplus in the fund of £103 million, after tax, was paid to my Department in 1990. The trustees, to whom the determination is directed, are in touch with my Department about it. The Department is considering the determination and taking legal advice before replying to the trustees. It may be necessary and appropriate to ask the courts to make a ruling on the complex issues involved, including the sum involved should repayment of the surplus be required.
I will inform the House of my response to the trustees.